Guidelines on Business Continuity Management

March 20, 2017BSP CIRCULAR NO. 951-17SUBJECT:Guidelines on Business Continuity Management The Monetary Board, in its Resolution No. 369 dated 2 March 2017, approved the following guidelines on business continuity management for Bangko Sentral ng Pilipinas (BSP)-supervised financial institutions (BSFIs) and amendments in the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). aScITESECTION 1. Section X182/4182Q/4182N/4194P/4197S/4176T on Business Continuity Management are hereby added to the MORB/MORNBFI to read as follows:Section X182/4182Q/4182N/4194P/4197S/4176T. Business Continuity Management; Policy Statement. — BSFIs can be adversely affected by disruption of critical operations due to internal and external threats, which may be natural, manmade or technical in origin. Extreme events may cause major disruptions whose impact are very broad in scope, duration or both and can pose a substantial risk to the continued operation of BSFIs. Because BSFIs play a crucial role in the financial system and economy as a whole, it is important to ensure that their operations can withstand the effects of major disruptions. Thus, BSFIs need to have a comprehensive business continuity...